Accumulated Other Comprehensive Loss and Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Accumulated Other Comprehensive Loss and Other Comprehensive Income (Loss)

15. ACCUMULATED OTHER COMPREHENSIVE LOSS AND OTHER COMPREHENSIVE INCOME (LOSS)

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss includes: (i) foreign currency translation of assets and liabilities of foreign subsidiaries and the effects of exchange rate changes on intercompany balances of a long-term nature; (ii) unrealized gains or losses on derivative financial instruments designated as cash flow hedges; (iii) equity investee’s other comprehensive income or loss items; and (iv) adjustments to pension and OPEB plan liabilities. Amounts recorded in accumulated other comprehensive loss, net of tax, as of March 31, 2016 and December 31, 2015, and changes within those periods are as follows:

(In millions)	Foreign   Currency   Items		Derivative Cash   Flow Hedges		Accrued   Pension and   OPEB Plan Liabilities		Accumulated Other   Comprehensive   Loss
Balance at January 1, 2016	$	(89.4)	$	0.5	$	(29.1)	$	(118.0)
Other comprehensive income before reclassifications		23.4		0.1		0.1		23.6
Amounts reclassified from accumulated other comprehensive loss, net of tax		-		(0.2)		(1.5)		(1.7)
Net current period other comprehensive income (loss)		23.4		(0.1)		(1.4)		21.9
Balance at March 31, 2016	$	(66.0)	$	0.4	$	(30.5)	$	(96.1)

Other Comprehensive Income (Loss)

Other comprehensive income (loss) is derived from adjustments to reflect: (i) changes in foreign currency translation adjustments; (ii) the unrealized gains or losses on derivative financial instruments designated as cash flow hedges; (iii) changes in equity investee’s other comprehensive income or loss; and (iv) adjustments to pension and OPEB plan liabilities. The components of other comprehensive income (loss) for the three month periods ended March 31, 2016 and 2015 are as follows:

	Three Months Ended March 31,
(In millions)	2016		2015
Change in foreign currency translation adjustment:
Foreign currency translation adjustments	$	28.7	$	(35.0)
Tax expense (benefit)		3.4		(3.6)
Foreign currency translation adjustments, net of tax	$	25.3	$	(31.4)
Change in derivative cash flow hedges:
Commodity hedge contracts	$	-	$	5.1
Equity interest in investee’s other comprehensive income (loss)		(0.1)		3.9
Pre-tax amount		(0.1)		9.0
Tax expense		-		3.4
Derivative cash flow hedges, net of tax	$	(0.1)	$	5.6
Change in pension and OPEB liability adjustments:
Amortization of actuarial loss and prior service credit	$	(2.4)	$	(1.6)
Other pension and OPEB plan adjustments		0.2		0.4
Pre-tax amount		(2.2)		(1.2)
Tax benefit		(0.8)		(0.5)
Pension and OPEB liability adjustments, net of tax	$	(1.4)	$	(0.7)
Other comprehensive income (loss), before income taxes	$	26.4	$	(27.2)
Tax expense (benefit) for the period		2.6		(0.7)
Other comprehensive income (loss), net of tax	$	23.8	$	(26.5)

The components of other comprehensive income (loss) that have been reclassified during the three month periods ended March 31, 2016 and 2015 are as follows:

	Three Months Ended     March 31,				Affected Line Items on the Unaudited     Condensed Consolidated
(In millions)	2016		2015		Statements of Operations
Details about other comprehensive income (loss) components:
Change in derivative cash flow hedges:
Loss on derivative cash flow hedges	$	(0.4)	$	(7.4)	Cost of sales
Tax benefit		(0.2)		(2.8)	Provision for (benefit from) income taxes
Reclassifications for the period, net of tax	$	(0.2)	$	(4.6)
Change in pension and OPEB liability adjustments:
Amortization of actuarial loss and prior service credit	$	(2.4)	$	(1.6)	Cost of sales and selling, general     and administrative expenses
Tax benefit		(0.9)		(0.6)	Provision for (benefit from) income taxes
Reclassifications for the period, net of tax	$	(1.5)	$	(1.0)